Talent Assessment Market to See Competition Rise | CEB, IBM, Oracle
Updated · May 29, 2023
Published Via 11Press : According to HTF MI, “Global Talent Assessment Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2029“. The Global Talent Assessment Market is anticipated to grow at a compound annual growth rate (CAGR) of 10% from 2023 to 2028, reaching USD 4.5 Billion in 2023 and USD 5.2 Billion by 2028.
Tools for assessing a person’s potential, talents, and abilities in certain fields or domains are known as talent evaluations. These evaluations are intended to shed light on a person’s assets, liabilities, and potential growth areas. Talent evaluations are frequently used by employers to assess job applicants. These evaluations aid in locating people who have the qualifications for a given position in terms of abilities and skills. Talent evaluations are another tool that people can utilize to better understand their strengths and flaws.
This self-awareness can direct efforts for personal and professional development, enabling people to concentrate on areas that need improvement or play to their strengths.
In order to better illustrate the competitive climate, the most recent study on the global talent assessment market is being undertaken to provide a performance analysis of undiscovered gems in talent assessment.
The study uses a combination of quantitative market statistics and qualitative data to determine how much income is generated by the major business categories and end-user applications worldwide.
Due to a severe economic downturn and the emergence of the latest scenario in the talent assessment market, the study spans historical data from 2018 to 2022 and project outcomes through 2029*.
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Key and developing players who have been highlighted as part of the coverage include
- IBM Corporation,
- Oracle Corporation,
- Cornerstone OnDemand, Inc.,
- Korn Ferry,
- SumTotal Systems, Inc.,
- SAP SE ,
- ELMO Cloud HR and Payroll,
- Modern Hire,
- Initiatives for leadership development and succession planning heavily rely on talent assessments.
- Assessments are used by businesses to find high-potential individuals, evaluate their leadership abilities, and establish individualized development plans.
- These evaluations aid organizations in developing future leaders and facilitating a seamless changeover in important roles.
- To avoid being negatively impacted by the usage of job automation and artificial intelligence, businesses must quickly adapt. Your staff must develop new skills and abilities if they are to successfully navigate the changing workplace.
- To be prepared for the digital age, employees must be prepared to retrain, upgrade their skills, or change roles. These soft skills are heavily emphasized in the most recent talent evaluations, allowing businesses to assess the future-ready soft skills they now have, identify any gaps, and develop a reskilling strategy.
- Strong digital talent is in high demand, yet there is a shortage. Employers must provide a positive candidate experience in order to stand out from the limited pool of applications.
- There are still many businesses with written hiring policies, many of which are difficult to manage manually. In larger businesses, these procedures could take weeks or even months to fill the open positions.
- Due to the intricacy of talent appraisals, we strongly suggest automating these processes.
- If you automate your manual talent evaluation processes, the hiring process may move considerably more smoothly and produce far better recruits. The ability to accurately assess a candidate’s competence in an automated fashion may sound too wonderful to be true, but it can help you expedite the hiring process.
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In order to examine the pertinent market dynamics in various parts of the world, HTF Market Intelligence has adhered to a targeted and realistic research strategy for the talent assessment industry. Additionally, our analysts undertake in-depth analyses primarily on geographic regions to give customers and companies the chance to excel in Talent Assessment Market specialized markets and grow in emerging territories.
The analysis of the global talent assessment market also demonstrates how the shifting player dynamics are influencing the market’s expansion. In addition, our market researchers thoroughly examine the goods and services provided by various companies in the talent assessment market that are vying for market dominance.
Talent assessments, which are important in leadership development and succession planning programs, are the main driver of this increase. Assessments are used by businesses to find high-potential individuals, evaluate their leadership abilities, and establish individualized development plans. These evaluations assist organizations in developing future leaders and facilitating a seamless transfer in important roles.
There is a clear market trend at the global level. To avoid being negatively impacted by the usage of job automation and artificial intelligence, businesses must quickly adapt. Your staff must develop new skills and abilities if they are to successfully navigate the changing workplace. To be prepared for the digital age, employees must be prepared to retrain, upgrade their skills, or change roles.
Customization in the Report
- Indicators of Market Maturity for Talent Assessment
- The Market for Talent Assessment: Growth Inducing Factors and Challenges
- Analysis of Entry/Exit Barriers and New Entrants in the Talent Assessment Market
- To Seize Lucrative Market Chances An Unbiased Perspective on Market Performance Indicators, Key Business Segments, and Gap Analysis in the Talent Assessment Industry
Against this Challenging Backdrop, Talent Assessment Study Sheds Light on
- The state of the talent assessment market and its distinguishing features. HTF Market Intelligence analysts organized and conducted surveys of the industry’s key participants to put an end to this.
- The resulting snapshot provides a platform for comprehending why and how the sector is likely to change.
- The direction and expansion of the talent assessment sector. Financial analysis, polls, and industry consultants are used to derive insights.
- How can each organization in this broad group of participants negotiate the Talent Assessment Market’s emerging competitive landscape and adopt a business plan to maintain and advance the position they may claim or seize the new addressable opportunity?
Market Breakdown by Applications:
- Behavioral Assessment,
- Cognitive Assessment,
- Integrity Assessment
Market Breakdown by Types:
- Telecom and IT,
|The Market size value in 2023||USD 4.5 Billion|
|Revenue Forecast by 2033||USD 5.2 Billion|
|Growth Rate||CAGR Of 10%|
|Regions Covered||North America, Europe, the Middle East and Africa, Latin America, and the rest of the world|
|Short-Term Projection Year||2028|
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Key highlights of the report:
- Talent Assessment Market Performance (2018-2022)
- Talent Assessment Market Outlook (2023-2028)
- SWOT Analysis
- Talent Assessment Market Trends
- Talent Assessment Market Drivers and Success Factors
- Value Chain Analysis
- Detailed competitive landscape
Craig Francis (PR & Marketing Manager)
HTF Market Intelligence Consulting Private Limited
Phone: +1 434 322 0091
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